List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Compile data | 1.1 Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards 1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures 1.3 Identify and record valuations in compliance with relevant accounting standards and effects of taxation |
2. Identify appropriate reporting entities | 2.1 Identify partially owned subsidiaries and controlled entities 2.2 Identify joint ventures and other entities to be included in reports 2.3 Identify and apply appropriate accounting treatments for reporting entities |
3. Prepare reports | 3.1 Ensure structure and format of reports that may include charts, diagrams and supporting data are clear and conform to statutory and other regulatory requirements and organisational procedures 3.2 Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures 3.3 Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements |
4. Analyse reports | 4.1 Identify significant issues in statements, including comparative financial performances 4.2 Report implications of analysis to appropriate levels of management and external bodies |
Evidence of the ability to:
compile, analyse and validate complex financial data
prepare complex corporate reports for reporting entities that comply with:
organisational policy and procedures
statutory requirements
accounting standards.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
identify appropriate key reporting entities and their main purposes and roles
outline the key types and sources of data required for complex financial reports
outline the key features of integrated accounting computerised systems
identify and explain the key features of business taxation requirements
discuss ethical considerations relating to conflict of interest, confidentiality and disclosure requirements
explain the key features of financial legislation and statutory requirements relating to delegated authorities, disclosure requirements, reporting periods and taxation payment timings
compare and contrast methods of presenting financial data
explain options, methods and practices for deductions, benefits and depreciations
identify and explain the key features of organisational guidelines and procedures
identify and explain the key principles of double-entry bookkeeping and accrual accounting
identify and discuss issues relevant to business legal requirements.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
common office equipment, technology, software and consumables
an integrated financial software system and data.
Assessors must satisfy NVR/AQTF assessor requirements.